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Workspace Group lettings per month fall 5% in first quarter

Shared workspace provider Workspace Group said it experienced a 5% fall in lettings during the first quarter, though customer enquiries had risen.

Lettings per month in the three months through June averaged 88, down from 93 on-year, while enquiries averaged 1,021 per month, up from 1,016 on-year.

Three refurbishment and redevelopment projects were completed in June 2018, with a further six projects expected to complete during this financial year, Workspace Group said.

'In a year in which we are launching a significant amount of new and upgraded space from our project activity, it is pleasing to see continued strong customer demand driven by our in-house marketing platform,' chief executive Jamie Hopkins said.

'With a strong balance sheet, we are excited about the opportunities for further investment in our extensive project pipeline and are actively exploring acquisition opportunities where we believe we can create superior value for shareholders.'

At June 30, the company had cash and undrawn facilities of £235m.

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